The Democrats and their media allies have been happy-talking themselves through the Biden administration’s failures.
But the house of cards is falling down.
And Mark Zuckerberg made one comment about the economy that had Joe Biden panicking.
Joe Biden and the Democrats are attempting to convince hundreds of millions of Americans that the laws of economics ceased to exist once he took office.
Biden claimed that government spending did not lead to inflation, and he said he was going to get inflation under control by spending even more money.
It was a preposterous claim repeated by every government that inflated its currency into oblivion.
And the collapse of Silicon Valley Bank (SVB) sent shockwaves through the economy.
SVB got caught with its pants down because the bank bet on long-term U.S. treasuries before the Fed began hiking interest rates in order to curb inflation.
The higher interest rates crashed the market for the bonds purchased at the lower rate, and ultimately sank SVB.
SVB’s collapse served as a harbinger of what could be coming in the tech sector, as companies continue to lay off employees.
Facebook founder delivered a dire economic projection along with a fresh round of layoffs
Meta CEO Mark Zuckerberg is planning to let go of another 10,000 workers, and he offered a dire projection about the economy.
Zuckerberg said, “At this point, I think we should prepare ourselves for the possibility that this new economic reality will continue for many years.”
Biden thought he could wave his magic wand by bailing out Silicon Valley, but that was just a bandaid on a bullet wound.
Zuckerberg continued, “Higher interest rates lead to the economy running leaner, more geopolitical instability leads to more volatility, and increased regulation leads to slower growth and increased costs of innovation.”
All of these factors are true, but the Democrats have tried to convince people that everything is just fine.
Zuckerberg added, “Given this outlook, we’ll need to operate more efficiently than our previous headcount reduction to ensure success.”
Big Tech companies experienced massive bloat during the pandemic because so many people were working from home and engaging in the digital economy like never before.
However, now that the world is coming out of the pandemic, companies are trimming the fat.
New Twitter owner Elon Musk showed that Big Tech payrolls were inflated by slashing a huge chunk of the staff with little to no drop-off.
When Zuckerberg said that the “new economic reality will continue for many years,” he was not joking around.
Stay tuned to Unmuzzled News for any updates to this ongoing story.